Individual Liability and Asset Insurance

[Mama said PE is the devil]

I am a professor at a university in Pennsylvania and just became licensed as a P.E. If I wanted to consult and/or review and stamp drawings in addition to my normal job, how does liability insurance work for this?

Since I would be performing duties outside of my traditional job scope, I assume that normal university coverage would not be appilicable to the additional work. Does anyone have experience with purchasing individual liability insurance to cover engineering work? If so, what company specializes in this, and how much is a typical insurance plan? 

Adding on to the liability insurance, is it common practice to purchase an asset protection plan with a P.E. license?

 

[ChaosMuppetPE]

I am a professor at a university in Pennsylvania and just became licensed as a P.E. If I wanted to consult and/or review and stamp drawings in addition to my normal job, how does liability insurance work for this?

Since I would be performing duties outside of my traditional job scope, I assume that normal university coverage would not be appilicable to the additional work. Does anyone have experience with purchasing individual liability insurance to cover engineering work? If so, what company specializes in this, and how much is a typical insurance plan? 

Adding on to the liability insurance, is it common practice to purchase an asset protection plan with a P.E. license?

Why would you do this as an individual and not at least form an S-corp or an LLC? As engineers we will always be at least somewhat personally liable, but it would make more sense to me to put as much distance between you and any possible lawsuit as you can. Purchasing business error and omission insurance is easy for a company and protects you as an individual.

 

[RBHeadge PE]

I HIGHLY doubt your coverage via the university would apply to your personal side business. If it somehow does, then you have a great union.

I agree that you should make your consulting business an LLC (or S-corp) if only to limit the personal liability. But you should still carry some form of professional liability insurance, if only to avoid looking like a total d%^& if you make a mistake and causes your client damages.

I started looking into the process a few years ago. I didn't get very far through it... I backed off once the insurance company wanted an interview with me to determine coverage levels, needs; do their sales pitch.

I'm not sure about asset protection plans.